North Carolina Down Payment Support Programs

Payments Gateway - The North Carolina Housing Finance Agency has two great plans for first-time Home Buyers. These systems would be the deposit Assistance System and also the Mortgage Credit Certificate.

You buy a house between December 1, 2009 and January 1, 2009 and should you qualify for one of those plans, it is also possible to be eligible for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who has not owned a house in the prior three years. This is the exact same qualifying definition.

The MCC takes this a step farther. An MCC “reduces your tax liability predicated on a percentage of the mortgage interest which you pay.

If you are eligible for the MCC, you are able to claim 20% of the interest you pay as a credit on your own federal income taxes. It is possible to save up to .

You will manage to unite this with the $8,000 tax credit if you do qualify for the MCC, for 2009. This would reduce the tax liability of a buyer's .

Who qualifies for an MCC is based on your own income as well as the cost of the property you are buying. Household income is defined as the “gross income of the mortgagor and any man expected to live in the home who's 18 years old or older.”

House price limits that apply in Durham, Orange and Chatham Counties and the income are given below.

MCC Income Limits 1 Man $61,500 2 Persons $61,500 3 Individuals $70,500 4 Individuals $70,500

MCC Sales Cost Limitations New Home $220,000 Existing Dwelling $210,000

The purchaser only needs to pay and the load would pay up to .

This program has stricter income limits than the MCC plan summarized above. Like the MCC application, it can be utilized in combination with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment assistance, nevertheless, can not be applied together with all the MCC. It is an either or situation.

House price limitations Durham and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Persons $45,650 3 Men $51,350 4 Individuals $57,050

Down Payment Assistance Sales Cost Limits New House $210,000 Existing House $210,000